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Who we are

Our vision, mission and values

Our Vision

To be the energy company of choice for investors, staff and stakeholders.

Our Mission

To maximize the value of the company by responsibly developing oil and natural gas assets in a safe, innovative and efficient way.

Our Values

  • Safety: Safety before all else
  • Integrity: We are transparent, honest and treat everyone with respect
  • Performance: We work as one team to make smart decisions that deliver results
  • Accountability: We do what we say we will do

Our strategy

Our strategy is focused on maximizing shareholder value through cost leadership and realizing the best margins for our products. We believe that maintaining a strong balance sheet will help Cenovus navigate through commodity price volatility and give us the flexibility to proceed with opportunities at all points in the price cycle. We aim to evaluate disciplined investment in our portfolio against dividend increases, share repurchases and maintaining the optimal debt level while retaining investment grade status. Our investment focus will be on areas where we believe we have the greatest competitive advantage.

  • Oil sands: We are committed to maintaining and improving our industry-leading position as a low-cost oil sands operator and the largest in-situ producer by leveraging our track record of strong operational performance while demonstrating technical leadership to improve reserves, production and earnings. We are focused on advancing innovation to unlock future opportunities that maximize value from our vast resource base and improve our environmental footprint.
  • Conventional oil and natural gas: We are committed to disciplined investment in focused land positions across our conventional oil and natural gas portfolio to generate strong diversified returns, complementing our longer-term oil sands investments with short-cycle development opportunities.
  • Marketing, transportation & refining: We strive to maximize the value from our oil and gas resources through increased participation along the value chain. Our integrated approach to transportation, storage, marketing, upgrading and refining helps optimize margins from each barrel of oil we produce.
  • People: We strive to maintain an engaging workplace where people can grow their skills and capabilities to adapt to an ever-changing environment while delivering results for the business. We are focused on upholding trust in the communities where we operate by living up to our values and commitments.

Our history

Cenovus began independent operations on December 1, 2009 when Encana Corporation split into two distinct companies: one an oil company (Cenovus), the other a natural gas company (Encana).

Many of our original assets were from the two Canadian oil and natural gas companies that merged to form Encana in 2002 - PanCanadian Energy Corp. and Alberta Energy Company.

It’s through those two companies that we can trace our roots – all the way to the 1880s when the Government of Canada commissioned Canadian Pacific Railway (CPR) to build a transcontinental railroad. As part of its payment, CPR received 25 million acres of land, some of which included mineral and surface rights. It was a CPR crew drilling for water near Medicine Hat in 1883 that made Alberta's first natural gas discovery and launched the petroleum era in Western Canada. PanCanadian Energy Corp. eventually emerged from that first discovery.

Alberta Energy Company came into being in the 1970s, when the Government of Alberta created the company to provide Albertans and other Canadians with an opportunity to participate, through share ownership, in the industrial and energy-related growth of the province.

On January 1, 2021 Cenovus Energy acquired Husky Energy, which began as a small refinery operation in 1938 and grew to become one of Canada’s top integrated oil and gas producers.

The combined company is the third largest Canadian oil and natural gas producer, the second largest Canadian-based refiner and upgrader, and unites high-quality and low-cost oil sands and heavy oil assets with extensive midstream and downstream infrastructure.